Johnson & Johnson (NYSE:JNJ) stock fell 0.33% (As on October 17, 11:50:44 AM UTC-4, Source: Google Finance) after the company reported adjusted earnings and revenue that topped Wall Street’s expectations, and lifted its full-year guidance as sales in the company’s pharmaceutical and medical devices businesses surged. It marks J&J’s first quarterly results since it completed the separation from its consumer health spinoff Kenvue in August. The pharmaceutical giant reported net income of $4.31 billion, that was flat compared with net income of $4.31 billion, for the same period a year ago.

J&J reported $13.89 billion in pharmaceutical sales, which grew more than 5% year over year. Excluding sales of its unpopular Covid vaccine, the pharmaceutical division raked in $13.85 billion.  Wall Street was expecting sales of $13.34 billion for the entire business segment, according to StreetAccount. The business, also known as “Innovative Medicine,” is focused on developing drugs across different disease areas. The company said the growth was driven by sales of Darzalex, a biologic for the treatment of multiple myeloma, along with Erleada, a prostate cancer treatment, and other oncology treatments. J&J’s blockbuster drug Stelara, which is used to treat a number of immune-mediated inflammatory diseases, also contributed to that growth. J&J will lose patent protection on Stelara later this year.  The company said growth was partially offset by a decline in sales of its prostate cancer drug Zytiga and blood cancer drug Imbruvica, which is co-marketed by AbbVie  and will be subject to the first round of Medicare drug price negotiations. J&J’s Covid vaccine also weighed on pharmaceutical sales growth. This quarter was the second without any U.S. sales from J&J’s Covid vaccine, which brought in $41 million in international revenue.

JNJ in the third quarter of FY 23 has reported the adjusted earnings per share of $2.66, beating the analysts’ estimates for the adjusted earnings per share of $2.52, based on a survey of analysts by LSEG, formerly known as Refinitiv. The company had reported the adjusted revenue of $21.35 billion in the third quarter of FY 23, beating the analysts’ estimates for revenue of $21.04 billion.

Upon that separation in August, J&J also lowered its full-year sales and profit guidance. The drugmaker raised that revised outlook on Tuesday: J&J expects 2023 sales of $83.6 billion to $84 billion, compared with previous guidance of $83.2 billion to $84 billion in August. J&J also expects adjusted earnings per share of $10.07 to $10.13, up from a previous forecast of $10.00 to $10.10.